Constructed in 1908, the building is located between UnionSquare and the newly expanded Westfield San Francisco Centre, onehalf block from Powell Street, the main streetcar route. Inaddition to the top-to-bottom renovation, Singha has approved plansfor a two-story, 7,000-sf penthouse that could be built to suit aninterested tenant, such as a restaurant.

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Ross Portugeis with G&E in San Francisco and GarySchwartzman with G&E in New York have the marketing assignment.International marketing assistance is being provided by Asia PacInternational. Portugeis tells GlobeSt.com that the owner isentertaining both single-tenant and multi-tenant scenarios forleasing up the building.

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Portugeis wouldn't speculate on the lease rate, but the blendedrate for similar multi-floor spaces in the Union Square shoppingdistrict is approximately $120 per sf. A mid-2007 rent survey byColliers International found Union Square to be the second mostexpensive rental market in the US, with an average street-levelasking rent of $485 per sf per year on the square. One block offUnion Square, where 165 O'Farrell is located, the street-levelrents would be in the low $300s per sf, local sources tellGlobeSt.com.

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In July 2007, a fund focused on high-end retail properties inmajor metropolitan cities has paid $70 million or $1,819 per sf for240 Post St., a 38,475-sf, four-story Union Square building beingvacated by Ann Taylor. Mark Schurgin, president of fund operatorFestival Companies told GlobeSt.com at the time of the acquisitionthat he hoped to have a new tenant open for business in the spaceby the 2008 holiday shopping season. Schurgin was not immediatelyavailable Monday for comment.

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Earlier this year, City Center Retail paid more than $1,300 persf for 33 Grant, a 6,479-square-foot two-story retail buildingfully occupied by two tenants, the Agnes b boutique and the UtopiaSalon. The leases roll in a couple of years. If the tenants decidenot to stay, a major renovation of the property will occur. If thetenants decide, the renovation will be less extensive, according toa source with the acquisition lender, Holliday Fenoglio FowlerLP.

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